A property fund advised by Morgan Stanley Real Estate Investing (MSREI) has made a new acquisition in Haukilahti, Espoo. (Photo: Kuvatoimisto Kuvio Oy, 2019)

A property fund advised by Morgan Stanley Real Estate Investing (MSREI) has made a new acquisition in Finland. The fund has acquired 151 rental residential units and building rights for approx. 130 new residential units within Haukilahti (Espoo) in the Helsinki Metropolitan Area from Varma Mutual Pension Insurance Company (Varma). Varma owns over 4,000 residential units in Finland and has well over 1,000 new units under development over the coming years. MSREI, through the funds that it manages, has previously acquired 1,900 residential units in Finland through multiple acquisitions. Premico will manage the new acquisition.

Commenting on the acquisition, Ulf Pleschiutschnig, Managing Director at Morgan Stanley & Co-Head of European Real Estate Investments, said:

“We believe that the Helsinki area shows long-term potential benefitting from positive demographic and urbanisation trends. We are pleased to have added this asset to our residential portfolio.”

Commenting on the sale, Ilkka Tomperi, Investment Director and Head of Real Estate at Varma, said:

“The sale was part of our normal portfolio management and as consequence of a successful zoning process we were able to add further building rights on this plot of which the new owners can take benefit of.”

Samuel Tuomola, partner, and CIO of Premico, commented:

“We are delighted Premico has been able to advise MSREI in making an additional housing investment in Finland. We look forward to actively managing the existing asset while we construct ca. 130 new high-quality units to complete the portfolio. Since 2017, our partnership with MSREI has been successful and we continue to seek further acquisitions with them in the Finnish market.”

© STT Info Finland, source STT Info English Press Releases